The Dubai Chamber of Commerce and Industry has brought out a new online business intelligence tool to help traders in the emirate to identify the untapped potential for exporting commodities to 30 markets across the Middle East and North Africa (MENA) region, Asia, Africa and Europe.
The platform has 26 major commodities listed on it, with an estimated $10 billion worth of untapped opportunities that exporters in the UAE can capitalize on. The International Trade Center’s (ITC) analysis, produced on the basis of the export potential indicator, identifies the untapped export potential using an economic model that considers the exporter’s supply, the target market’s demand, market access conditions, and bilateral trade relations.
The new offering gives valuable insights to help exporters effectively target strategic markets and explore concrete business prospects, H.E. Hamad Buamim, President and CEO of Dubai Chamber, stated.
The launch of the tool is in line with a new target recently announced by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to boost Dubai’s foreign trade from $0.38 trillion to $0.54 trillion over the next five years.
“By identifying the markets that offer most trade potential, we are giving our members access to exciting export opportunities that can help them expand their global reach. The new initiative furthers Dubai Chamber’s proactive approach to exploring promising markets around the world through its network of international offices that are opening new doors of opportunity for our members.”
According to reports, Jewelry tops the list of commodities offering the most export potential, with an estimated annual gap of $ 6.6 billion. Hong Kong is identified as the market with the highest untapped potential for jewelry, while its current jewelry imports from the UAE are valued at $1.1 billion.
Copper wire has the second-highest export gap valued at $924 million, with India identified as the market with the most untapped potential at $208 million. The products with the third-highest potential for exports are identified as beauty, make-up and skincare preparations, which have a total gap value estimated at $350 million with China, Hong Kong and Singapore being the most potential market for these commodities.